The UK Government has authorised an agreement between Octopus Energy and Bulb’s special administrators, in which Octopus will purchase 1.5 million of Bulb’s customers. After an extensive and competitive sale procedure, Bulb’s administrators completed the transaction.
Reportedly, Bulb was placed under special administration in November 2021 after failing to secure funds because UK energy regulator Ofgem had banned the company from passing on the increased costs to users. In addition to its 1.5 million customers, Bulb’s 650 employees will join Octopus Energy.
In October 2022, Octopus Energy Group joined the Italian green energy market through a partnership with Nexta Capital Partners, an Italian renewable developer. By establishing a joint venture, the two firms anticipate constructing 1.1 GW of new onshore wind, solar, and energy capacity in the southern Italian region by 2025.